2018 Missouri Revised Statutes
Title XXVI - Trade and Commerce
Chapter 400 - Uniform Commercial Code
Section 400.9-340 Effectiveness of right of recoupment or set-off against deposit account.
Effective 01 Jul 2001, see footnote
Title XXVI TRADE AND COMMERCE
Chapter 400400.9-340. Effectiveness of right of recoupment or set-off against deposit account. — (a) Except as otherwise provided in subsection (c), a bank with which a deposit account is maintained may exercise any right of recoupment or set-off against a secured party that holds a security interest in the deposit account.
(b) Except as otherwise provided in subsection (c), the application of this article to a security interest in a deposit account does not affect a right of recoupment or set-off of the secured party as to a deposit account maintained with the secured party.
(c) The exercise by a bank of a set-off against a deposit account is ineffective against a secured party that holds a security interest in the deposit account which is perfected by control under section 400.9-104(a)(3), if the set-off is based on a claim against the debtor.
--------
(L. 2001 S.B. 288)
Effective 7-01-01
